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FINANCIAL NEWS
Oman to implement new taxation revenues
09 Dec 2013
(MENAFN) The head of a leading audit firm says Oman needed to find new taxation revenues to pay for new developments and infrastructure facilities, Arabian Business reported.
Davis Kallukaran, Managing Partner of Horwath Mak Ghazali, said annual government revenue from income tax was about USD909 million with customs duty accounting for another USD467.5 million a year.
Kallukaran said that the government needed additional sources of tax revenue to meet the cost of developing new projects and infrastructure facilities, which were vital for creating employment opportunities for nationals.
He said Oman needed USD39billion worth of investment for new projects, infrastructure, human resource development and facilities.
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